DBRS lifts Nationwide Building Society to stable

DBRS said it confirmed the ratings of Nationwide Building Society, including its AA (low) rating for long-term senior debt and deposits.

The trend on all long-term ratings also was revised to stable from negative.

The trend on the R-1 (middle) commercial-paper rating remains stable and the intrinsic assessment remains at A (high), DBRS said.

Given Nationwide’s position as the United Kingdom’s largest mutual, as well as a leading provider of savings products and residential mortgage lending, the agency said it views Nationwide as systemically important within the country.

The trend change reflects the progress the company has made in increasing its capital and leverage ratios, as well as its success in improving its earnings, DBRS said.

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